Latest news with #AbdulkareemAlMasabi
Zawya
22-05-2025
- Business
- Zawya
ADNOC L&S contributes $272mln to UAE economy through In-Country Value in 2024
ABU DHABI - Captain Abdulkareem Al Masabi, CEO of ADNOC Logistics & Services (ADNOC L&S), highlighted the company's strategic role in advancing industrial excellence and empowering national capabilities, in line with the UAE's vision for economic diversification. Speaking to the Emirates News Agency (WAM) on the sidelines of the "Make it in the Emirates" forum, Al Masabi expressed pride in ADNOC L&S' inaugural participation in this leading national platform. He reaffirmed the company's commitment to supporting local manufacturing and fostering industrial innovation across the UAE. He revealed that ADNOC L&S has commissioned the construction of 31 vessels within the country. A move that has created over 300 jobs and significantly bolstered the UAE's industrial base. These vessels are currently deployed in transporting personnel, cargo, and providing offshore logistics support—underscoring the company's vital contribution to enhancing local production and operational resilience. He noted that in 2024 alone, the company contributed approximately AED1 billion in in-country value to the national economy, reaffirming its ongoing collaboration with local and federal entities to strengthen domestic manufacturing and industrial growth. Captain Abdulkareem Al Masabi emphasised that ADNOC L&S' contribution goes beyond economic growth—it also encompasses the integration of cutting-edge technologies and AI. He highlighted the company's leadership in this area through the implementation of the AI-powered SMARTi system. Developed in collaboration with AIQ, the joint venture between ADNOC and G42, the SMARTi system enables real-time monitoring, detection, and reporting of high-risk scenarios. It has proven highly effective in enhancing performance across health, safety, and environmental domains. Al Masabi also highlighted the company's investment in advanced remote-control forklift technology, noting that the software was developed and integrated by the Sinaha Technology directly onto ADNOC L&S equipment—demonstrating a successful collaboration in local innovation and smart industrial solutions. He added that ADNOC L&S' fleet includes vessels built locally, such as oil spill response vessels. These are critical assets in safeguarding the marine environment and ensuring operational safety. He highlighted that ADNOC Logistics & Services' collaboration with local shipbuilding companies stands as a strong testament to its commitment to advancing national industry and supporting domestic production. Partnerships with esteemed UAE-based firms such as Al Manzel Marine, Al Bawardi Damen, Abu Dhabi Ship Building, Grandweld, and Premier Marine Engineering Services reflect the company's strategic focus on modernising maritime infrastructure and strengthening local operational capabilities. Al Masabi highlighted that ADNOC L&S showcase of REGENT's innovative wing-in-ground effect seaglider at the "Make it in the Emirates" forum was a strategic move aimed at promoting its future local manufacturing. He described the seaglider as a cutting-edge hybrid vehicle that merges the capabilities of both a ship and an aircraft. Designed to significantly reduce carbon emissions, it represents a forward-looking solution to enhance the sustainability and efficiency of maritime transportation. Regarding workforce development, Al Masabi emphasised that ADNOC Logistics & Services' "People First" strategy reflects the company's deep commitment to nurturing a diverse and highly skilled talent pool. He noted that the company employs over 11,000 professionals, including more than 3,200 seafarers. He added that ADNOC L&S continues to empower Emirati talent and train the next generation of maritime professionals and industry leaders through hands-on, onboard training programmes. In 2024 alone, more than 136 trainees from 15 different nationalities participated in these programmes, with women representing nearly one-fifth of the cohort. Al Masabi reaffirmed the company's ongoing efforts to increase female representation and support the emergence of a new generation of women in maritime careers.
Al Etihad
20-05-2025
- Business
- Al Etihad
ADNOC L&S partners with REGENT to trial high-speed electric seagliders for offshore transportation
20 May 2025 16:46 ABU DHABI (WAM)ADNOC Logistics and Services plc (ADNOC L&S), a global energy maritime logistics leader, has selected US-based REGENT's electric seaglider for a proof-of-concept trial to assess the craft's suitability for transporting personnel to and from offshore energy announcement was made at the 'Make it in the Emirates' event, currently taking place in Abu 'Viceroy' seaglider – a next-generation maritime craft – combines the speed of an aircraft with the convenience of a boat, offering high-speed, zero-emission proof-of-concept is the first phase in a potential multi-stage deployment that could see the technology incorporated more widely across ADNOC L&S's offshore logistics will manufacture its electric seagliders in the UAE. It will also provide aftermarket services such as maintenance, boosting local manufacturing capabilities and strengthening the UAE's industrial base. The proof-of-concept trial will also be managed by a UAE-based seaglider operator, delivering additional in-country value and positioning the UAE as a hub for advanced maritime Abdulkareem Al Masabi, CEO of ADNOC L&S, said, 'ADNOC L&S is committed to adopting innovative technologies that enhance the safety, sustainability and efficiency of our operations. This proof-of-concept trial with REGENT's seagliders marks an important milestone in our journey to decarbonise offshore logistics, while supporting 'Make it in the Emirates' through the development of future-ready maritime capabilities in the UAE.'The Viceroy can carry up to 12 passengers or 1,600 kilograms of cargo and is capable of speeds up to 300 kilometers per hour (180mph) for routes up to 300km. Its ability to operate in multiple modes – floating, foiling and flying – offers unique versatility and comfort for offshore with helicopters, the craft provides up to 80% lower operational costs and is equipped with advanced sensors and automated controls to ensure safe and reliable Thalheimer, Co-founder and CEO of REGENT, said, 'REGENT could ask for no better end user for seagliders in the UAE than the largest energy producer in the country and leader in innovation and sustainability. Seagliders will drastically reduce the time, cost, and emissions of offshore energy logistics, and we look forward to working together to set a new standard for the energy industry.' The proof-of-concept trial aligns with ADNOC Group's broader Net Zero by 2045 ambition and supports the UAE's strategic objectives to foster innovation, sustainability and national industrial growth.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Adnoc L&S first quarter revenue increases 41%, Ebitda up 20%
Adnoc Logistics and Services, a global energy maritime logistics company, on Monday announced a 41 per cent rise in first quarter revenues to $1.181 billion (Dh4.339 billion). Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 20 per cent to $344 million (Dh1.262 billion) in the same period, driven by robust performance across all business segments, sustaining the Ebitda margin at 29 per cent. Net profit for Q1 2025 was $185 million (Dh678 million), down five per cent compared to Q1 2024, mainly due to lower commercial shipping rates, but up three per cent compared to the previous quarter. 'Despite evolving market conditions, Adnoc L&S' strategic diversification and resilient business model supports delivery of strong net profit and operating cash flow,' the company said in a statement. Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said: 'Adnoc L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80 per cent of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies.' Revenues from the integrated logistics segment increased to $628 million (Dh2.307 billion), up 23 per cent compared to Q1 2024. The increase was largely driven by higher revenues from engineering, procurement and construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs). Integrated logistics' Ebitda rose by 15 per cent to $182 million (Dh669 million) compared to Q1 2024. Revenues from the shipping segment increased 87 per cent to $469 million (Dh1,722 million), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping Ebitda increased 26 per cent to $143 million (Dh527 million) compared to the same period last year, generating a robust Ebitda margin of 31 per cent. Revenues from the services segment increased 9 per cent to $84 million (Dh310 million) compared to Q1 2024. Ebitda from the segment grew 52 per cent year-on-year to $18 million (Dh66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8. Adnoc L&S continues to secure its future earnings. The Company has added 340 years of newly contracted revenues against its recent order of energy-efficient vessels, including $2.95 billion (Dh10.8billion) invested into eight new Liquified Natural Gas Carriers, nine Very Large Ethane Carriers, and four Very Large Ammonia Carriers. The company maintained its Ebitda and net income guidance for 2025, with continued strength and growth in integrated logistics business returns helping to offset weaker than anticipated shipping results in Q1 due to weaker shipping market rates, with an improving outlook for rates. Adnoc L&S anticipates an additional $3 billion+ of value-accretive organic investment spend by 2029, beyond the projects already announced and incorporated in guidance, applying the same investment return criteria. The company's dividend policy remains unchanged with a projected total dividend payable for 2025 of $287 million (a 5 per cent increase from 2024 annualised dividend), in line with the stated progressive dividend policy and subject to relevant approvals. The company targets a 2.0-2.5x net debt / Ebitda ratio over the medium term, with the recently committed hybrid capital instrument, debt, and free cash flows after dividends, the primary funding sources for committed and anticipated growth investment.
Gulf Today
12-05-2025
- Business
- Gulf Today
Adnoc L&S 1st quarter revenue up 41% YoY at Dhs4,339 million
Adnoc Logistics and Services (Adnoc L&S) announced on Monday financial results for the first quarter (Q1) ending March 31st, 2025. Adnoc L&S revenue for Q1 was $1,181 million (Dhs4,339 million), a 41 per cent year-on-year increase. Ebitda rose by 20 per cent to $344 million (Dhs1,262 million) in the same period, driven by robust performance across all business segments, sustaining the Ebitda margin at 29 per cent. Net profit for Q1, 2025 was $185 million (Dhs678 million), down 5 per cent compared to Q1, 2024, mainly due to lower commercial shipping rates, but up 3 per cent compared to the previous quarter. Despite evolving market conditions, Adnoc L&S' strategic diversification and resilient business model supports delivery of strong net profit and operating cash flow. The company continues to unlock additional value and efficiencies from its extensive portfolio of assets, while leveraging progressive synergies from its shipping and logistics subsidiaries, Navig8 and Zakher Marine International (ZMI). Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said, 'Adnoc L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80 per cent of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. 'Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies.' Revenues from the Integrated Logistics segment increased to $628 million (Dhs2,307 million), up 23 per cent compared to Q1 2024. The increase was largely driven by higher revenues from Engineering, Procurement and Construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs). Integrated Logistics' Ebitda rose by 15 per cent to $182 million (Dhs669 million) compared to Q1 2024. Revenues from the Shipping segment increased 87 per cent to $469 million (Dhs1,722 million), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping Ebitda increased 26 per cent to $143 million (Dhs527 million) compared to the same period last year, generating a robust Ebitda margin of 31 per cent. Revenues from the Services segment increased 9 per cent to $84 million (Dhs310 million) compared to Q1 2024. Ebitda from the services segment grew 52 per cent year-on-year to $18 million (Dhs66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8. Earlier Adnoc Logistics & Services announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (Dhs501.3 million), bringing the 2024 full-year dividend to $273 million (Dhs1,001 million), a 5 per cent increase year-on-year, in line with Adnoc L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of 3rd April 2025. Dr. Sultan Al Jaber, Chairman of Adnoc L&S, said, '2024 was a transformative year for Adnoc L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. 'We continued to strengthen our fleet and completed a pivotal $1.0 billion (Dhs3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5 per cent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.' He added that Adnoc L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments. 'With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering Adnoc's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future,' Dr. Al Jaber stated. Adnoc L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency. Revenue increased 29 per cent year-on-year to over $3.5 billion (Dhs13 billion), while net profit rose 22 per cent to $756 million (Dhs2.7 billion). Ebitda grew 31 per cent year-on-year, reflecting Adnoc L&S' ability to scale operations while maintaining profitability. Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX and strengthening investor trust in Adnoc L&S' long-term strategy.
Trade Arabia
12-05-2025
- Business
- Trade Arabia
Adnoc L&S Q1 revenue up 41pc year-on-year
Adnoc Logistics and Services (Adnoc L&S), a global energy maritime logistics company, reported a 41% year-on-year increase in Q1 revenue to $1,181 million, while EBITDA rose by 20% to $344 million. The company's net profit for Q1 2025 was $185 million, down 5% from Q1 2024 due to lower commercial shipping rates, but up 3% from the previous quarter. Despite market conditions, Adnoc L&S's strategic diversification and resilient business model ensure strong net profit and operating cash flow. The company is unlocking additional value and efficiencies from its extensive portfolio of assets and leveraging synergies from its shipping and logistics subsidiaries, Navig8 and Zakher Marine International. Abdulkareem Al Masabi, CEO of Adnoc L&S, said: 'Adnoc L&S continues to deliver robust financial results and significant business growth. Our recent acquisition of 80% of Navig8, and the integration of their capabilities into our expansive services portfolio, further strengthens our customer offerings and international footprint, unlocking new shareholder value. Moving forward, we will continue to deliver on our transformational growth strategy while leveraging cutting-edge technologies and AI solutions to further enhance operational efficiencies." SEGMENTAL FINANCIAL PERFORMANCE FOR Q1 2025 Revenues from the Integrated Logistics segment increased to $628 million (AED2,307 million), up 23% compared to Q1 2024. The increase was largely driven by higher revenues from Engineering, Procurement and Construction (EPC) projects including the Al Omairah Island and Hail & Ghasha projects, and improved utilisation and rates earned from Jack-Up Barges (JUBs). Integrated Logistics' EBITDA rose by 15% to $182 million (AED669 million) compared to Q1 2024. Revenues from the Shipping segment increased 87% to $469 million (AED1,722 million), compared to Q1 2024, driven primarily by the consolidation of revenue from the Navig8 tanker fleet. Shipping EBITDA increased 26% to $143 million (AED527 million) compared to the same period last year, generating a robust EBITDA margin of 31%. Revenues from the Services segment increased 9% to $84 million (AED310 million) compared to Q1 2024. EBITDA from the Services segment grew 52% year-on-year to $18 million (AED66 million), mainly driven by higher Borouge Container Terminal volumes and shares of profit from Integr8. Strategic Update In the first quarter of 2025, Adnoc L&S continued to accelerate its transformational growth strategy. In January, the Company completed an acquisition of an 80% stake in Navig8 for ~$1 billion (AED3.7 billion), adding a modern fleet of 32 tankers and expanding the Company's services portfolio. Adnoc L&S continues to secure its future earnings. The Company has added 340 years of newly contracted revenues against its recent order of energy-efficient vessels, including $2.95 billion (AED10.8billion) invested into eight new Liquified Natural Gas Carriers, nine Very Large Ethane Carriers, and four Very Large Ammonia Carriers. Additional growth is driven by the Integrated Logistics business segment through long-term contracts and improved utilisation for Jack-Up Barges (JUBs) in the UAE and the GCC region, including hire contracts for the deployment of 19 JUBs, and the acquisition and deployment of nine Offshore Support Vessels to support EPC projects. -TradeArabia News Service
